Saudi Arabia has reached the midpoint of its Vision 2030 journey, announced Faisal Al Ibrahim, the Saudi Minister of Economy and Planning, during the New Champions Dalian 2024 meeting in China. He emphasised the non-oil industries’ strong growth, which currently accounts for 51% of the actual GDP of the nation.
Saudi Arabia’s economy has grown at a noteworthy rate of 8.7% in 2022 with the implementation of Vision 2030, with non-oil activity rising by 5.6%. The scale of the non-oil economy now exceeds that of the oil sector.
Vision 2030, which was introduced in 2016, seeks to wean Saudi Arabia’s economy off of its reliance on oil. It is centred around three key pillars: an ambitious country, a successful economy, and a lively society. Al Ibrahim, who marked the beginning of a new economic age for Saudi Arabia, looked back on the accomplishments and highlighted important turning points as well as initiatives to diversify the economy and build human capital.
The minister also spoke on the nation’s role in addressing climate change and energy security, highlighting its leadership in developing the cleanest hydrocarbon energy and its innovative work in renewable energy, such as green hydrogen, solar, and wind power.
